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Morgan Stanley-US ETF Weekly Update
May 19, 2014--US ETF Weekly Update
Weekly Flows: $6.5 Billion Net Inflows
ETFs Have Generated Net Inflows 13 of 20 Weeks YTD
ETF Assets Stand at $1.7 Trillion, Up 4% YTD
Two ETF Launches Last Week
US-Listed ETFs: Estimated Flows by Market Segment
ETFs posted net inflows of $6.5 bln last week, rebounding from the prior week’s net outflows
Last week's net inflows were led by US Small- & Micro-Cap ETFs at $1.2 bln; conversely, Global ETFs posted net outflows of $45 mln, the most of any category we measured
Thirteen of the 15 categories we measured posted net inflows last week; ETFs have generated net inflows 13 of the 20 weeks YTD
Only 13% of ETFs posted net outflows last week
ETF assets stand at $1.7 tln, up 4% YTD
13-week flows remain positive among asset classes; combined $43.6 bln in net inflows
International - Developed ETFs generated $10.8 bln in net inflows over the last 13 weeks, the most of any category we measured; notably, International - Developed ETF market share has climbed to 14% from 11% over the past year
Over the last 13 weeks, Currency and Commodity ETFs were the only categories to post net outflows (only exhibited a combined $437 mln in net outflows)
US-Listed ETFs: Estimated Largest Flows by Individual ETF
iShares Russell 2000 ETF (IWM) posted net inflows of $1.4 bln this past week, the most of any ETF
The Energy Select Sector SPDR (XLE) also had a strong week of net inflows; XLE generated net inflows of $486 mln last week and $3.0 bln over the last 13 weeks on the back of strong commodity prices
The iShares MSCI Emerging Markets ETF (EEM) generated net inflows of $421 mln last week and over the last 13 weeks has posted net inflows of $3.6 bln as emerging market equities have received a bid
Notably, the iShares S&P 500 Growth ETF (IVW) exhibited net outflows of $283 mln last week as money shifts away from growth and momentum stocks, into more value oriented names
Over the last 13 weeks, the iShares Core S&P 500 ETF (IVV) has posted net inflows of $6.3 bln, the most of any ETF
US-Listed ETFs: ETF Dollar Volume
ETF monthly $ volume as a % of listed trading volume decreased in April to 25%, down from 27% the prior month; over the last 5 years, ETF monthly $ volume as a % of listed trading volume averaged 28%
Over the last five years, ETF monthly $ volume as a % of listed trading volume peaked in August 2011 at 36%
ETF $ volume increased to $304 bln last week from $279 bln, but is still 9% below its 13-week average
US Small- & Micro-Cap ETFs accounted for 13% of ETF $ volume last week compared to their 13-week average of 10% and their market share of only 5%
US-Listed ETFs: Short Interest Data Unchanged: Based on data as of 4/30/14
iShares Russell 2000 ETF (IWM) had the largest increase in USD short interest at $2.3 bln
IWM's shares short are at their highest level (156 mln shares) since 1/31/13; notably, IWM is up nearly 25% since 1/31/13 on a total return basis
617 ETFs exhibited short interest increases while 656 experienced short interest declines over the last period
Aggregate ETF USD short interest declined by $358 mln over the period ended 4/30/14
The average shares short/shares outstanding for ETFs is currently 4.5%, flat from last period
The SPDR Retail ETF (XRT) is the most heavily shorted ETF as measured by shares short/shares outstanding at 362%
Six of the 10 most heavily shorted ETFs as a % of shares outstanding are industry based (XRT, XOP, IYR, XBI, SMH, RTH)
Based on multiple borrowings and the ability to continuously create new shares, shares short as a % of shares outstanding can exceed 100% (only six ETFs exhibited shares short as a % of shares outstanding greater than 100%)
US-Listed ETFs: Most Successful Recent Launches by Assets
$8.5 bln in total market cap of ETFs less than 1-year old
Over the last year, 35 Fixed Income ETFs have been brought to market, the most of any category; Fixed Income ETFs currently account for 27% of ETF market share measured by market capitalization as investors continue to show interest in the asset class
70 new ETF listings and 19 closures YTD
The top 10 most successful launches make up 46% of the market cap of ETFs launched over the past year
Seven ETF sponsors and two asset classes (equities and fixed income) represented in top 10 most successful launches
Despite not cracking the top 10 most successful launches, the db X-trackers MSCI Europe Hedged Equity Fund (DBEU) had net inflows of $65 mln last week, the most of any recently launched ETF
Notably, the Global X Next Emerging & Frontier ETF (EMFM) entered the top 10 most successful launches list over the past year last week; EMFM owns companies in countries beyond the BRICs and the most developed tier of emerging markets
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Source: Morgan Stanley
BlackRock advances in pursuit of ETFs with non-daily disclosure
May 19, 2014-BlackRock Inc, the largest U.S. provider of exchange-traded funds, has moved a step further toward launching a new breed of ETFs that would be allowed to keep holdings under wraps for months, instead of the daily disclosure now required.
A filing late on Friday from BATS Global Markets, which seeks approval from the U.S. Securities and Exchange Commission to list and trade shares of some funds, is tied to a trust that BlackRock plans to use to launch these so-called "non-transparent" active ETFs.
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Source: Reuters
First Bridge ETF Landscape & Risk Report -May 2014
May 16, 2014--Highlights
Exchange Traded Product (ETP) assets in the US grew 1% in April '14 to $1.76 T.
Most broad asset classes saw a monthly increase in ETP net assets.
Gold (GLD) has outperformed the major asset classes through this calendar year.
Although the VIX Index is still below 15, recent performance has been stronger in
less volatile asset classes, indicating that investors are becoming risk averse.
For evidence that equity markets are forward looking, look no further than countries holding elections. India and Indonesia, two democracies in the midst of elections, are among the best performing emerging markets this year. South Africa, another country in an election year, has also been a strong performer this year. Russian ETFs are among the worst performers as the Ukraine crisis drags on.
request report
Source: First Bridge
FINRA Issues an Interpretation to Clarify the Classification and Trade Reporting of Certain "Hybrid" Securities to FINRA
May 16, 2014--Executive Summary
FINRA is publishing this Notice to provide additional information on how trades in certain securities that have both debt- and equity-like features (hybrid securities) must be reported to FINRA. Specifically, the SEC approved an interpretation regarding the appropriate trade reporting facility to which firms should report transactions in the following three types of hybrid securities: (1) unlisted depositary shares having a liquidation preference of $1,000 or more;
(2) unlisted non-convertible, preferred securities having a liquidation preference of $1,000 or more; and (3) unlisted capital trust securities (also referred to as trust preferred securities) (together, "covered hybrid securities").
view full notice
Source: Finra
Barclays Bank PLC to De-List Nine Canada-Listed ETNs
May 15, 2014--Barclays, nine cross-listed iPath(R) ETNs will cease to trade on the Toronto Stock Exchange, but continue to trade on the NYSE Arca Exchange
May 15, 2014--Barclays Bank PLC ("Barclays") announced today that it has elected to de-list the following nine iPath(R) exchange traded notes (ETNs) from the Toronto Stock Exchange (TSX):
iPath(R) CBOE S&P 500 BuyWrite IndexSM
iPath(R) EUR/USD Exchange Rate ETN
iPath(R) GBP/USD Exchange Rate ETN
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Source: Barclays Bank PLC
Vanguard to launch five new ETFs in Canada
May 15, 2014--Vanguard has revealed plans to broaden its line-up of exchange-traded funds in Canada, with the launch five new ETFs on the Toronto Stock Exchange.
The firm has filed a preliminary prospectus with the Canadian securities regulators for three international equity ETFs and two international bond ETFs.
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Source: etfstrategy.co.uk
Deutsche Bank Starts Invesco (IVZ) at Hold
May 15, 2014--Deutsche Bank initiated coverage on Invesco (NYSE: IVZ) with a Hold rating and a price target of $39.00.
Analyst Brian Bedell said, "Over the long term, we see Invesco as especially well positioned vs. peers given mgmt has built a very diversified product range by virtually every measure, a strong global distribution platform, and a reasonably good presence in most of the stronger growth areas in asset mgmt. However, we think the risk of elevated outflows in the near-to-intermediate term, especially in higher fee equity product in Europe, may weigh on the shares and provide a better entry point."
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Source: streetinsider.com
Colombia Prepares to Meet Development Challenges
Enhancing Sustainability in the Fiscal Framework
May 15, 2014--Challenge
Colombia's considerable reliance on oil revenues, relatively high poverty and inequality levels, high exposure to natural disaster risk, and a relatively complex political economy represent major challenges to making the Government's fiscal framework sustainable. At the same time, sustaining growth in the longer run needs smart investments in infrastructure, health, and education without risking fiscal and debt sustainability.
Solution
The Fiscal Sustainability and Growth Resilient Development Policy Loan series supported a strong program of reforms to strengthen Colombia’s fiscal position. Reforms included the implementation of a Fiscal Rule Law in 2011 that defines an adjustment path for the structural budget deficit.
view moreP>view the Fiscal policy in Colombia : tapping its potential for a more equitable society
Source: World Bank
Invesco PowerShares to Launch Multi-Strategy Alternative ETF
May 14, 2014--Invesco PowerShares Capital Management LLC, a leading global provider of exchange-traded funds (ETFs), today announced the anticipated listing of the PowerShares Multi-Strategy Alternative Portfolio (LALT) on May 29, 2014 on the NASDAQ Stock Market, LLC. LALT is an alternative ETF designed to help investors achieve lower portfolio volatility and enhance risk-adjusted returns.
"One of the primary goals for investors that use alternative strategies is to minimize exposure to equity and bond markets, and to achieve better risk-adjusted returns compared to portfolios consisting only of traditional asset classes," said Dan Draper
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Source:Invesco PowerShares Capital Management LLC
NYSE Arca-1 ETV Launch-Merk
May 14, 2014--NYSE Euronext is pleased to announce that on Friday, May 16, 2014, the following ETV will be listed on NYSE Arca and will begin trading as a new issue:
Security Name: Merk Gold Trust
CUSIP: 590055 10 9
Trading Symbol: OUNZ
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Source: NYSE Arca
